I have been reading several blog posts and news articles to this effect over the last few days. After the disasters of HAMP and other empty promises made by BofA and other banks, I can only say that I will be overjoyed to believe it when I see it. Let’s go BofA, show [...]
I’ve been hearing short sale stories on the ground from many realtors. The successes and failures run the gamut from three week closings to nightmares such as this one. I always feel that we should try our best for a loan modification or a short sale because approvals do come in. However, [...]
New revised rules under HAMP decree that beginning June 1, servicers are prohibited from foreclosing on a borrower until the borrower has been fully evaluated and their loan modification eligibility determined under HAMP. Servicers will be required to send borrowers a foreclosure process explanation letter detailing the eligibility consideration process and advising borrowers to pay [...]
After seeing the dismal failure of HAMP, this real estate attorney is skeptical. I hope I’m wrong. At least this plan offers the cash incentive ($3,000) to the homeowner instead of to the lender. Wait a minute, is that going to help matters? What is the lender’s incentive in this plan? [...]
Tenants are usually the last to find out when the property they occupy gets foreclosed upon. A landlord has no legal obligation to inform their tenant of an impending foreclosure. However, I can speak to the rights of a California tenant caught in such a situation, and the news is quite good.
1. [...]
One of the most overlooked areas of mortgage debt assistance is the tax consequence. General rule is that forgiveness of debt is considered taxable income. However, there are a few exceptions that have been carved out for mortgages which are important to note:
Straight from the IRS website:
Straight from the IRS website:
1. Normally, debt [...]
I wrote a brief article on what Bankruptcy can (and can not) do to help. Below is the link. If you are already several months behind, in default, and foreclosure is looming, the last thing left to save is your credit. Save your home, get a fresh start, and move on with your life. Many [...]
Banks continue to drag their feet, pretending to offer loan mods but doing everything to avoid permanently changing a loan. More from the front lines….
Here is why the Loan Modification program is not working.
It seems that banks were perfectly happy to offer trial loan modifications in order to cash “Obama Plan” checks, but are very reluctant to make those trial mods permanent. Couple that with a few trial payment checks from the homeowner and it makes a nice few bucks on an otherwise hopeless loan. All this takes [...]
Yet one more judge has had enough of the bank’s brazen attitude. Representatives of Indymac acted so offensively during the Suffolk County Judge’s mandatory settlement procedure that the homeowner was handed a free and clear home. Some tough love for Indymace/One West bank.
For a full report, click here: